The liquid milk replacers market size is expected to grow from USD 188 million in 2018 to USD 243 million by 2023, at a Compound Annual Growth Rate (CAGR) of 5.3% during the forecast period.

The liquid milk replacers market is driven by various factors such as the increasing consumption of dairy products and the adoption of precision nutrition techniques. However, logistical and preservation advantages associated with powdered milk replacers can hinder the growth of the market.

The medicated segment is the faster-growing segment in the liquid milk replacers market, by type. The liquid milk replacers market, by type, has been categorized into medicated and non-medicated. Medicated liquid milk replacers provide various health benefits and improve the performance of infant livestock. These milk replacers are mainly fed to infant livestock that has physical and nutritional deficiencies, weaknesses, or diseases; and require an enhanced nutritional diet. This has led livestock rearers to use medicated liquid milk replacers.

Raising healthy calves is one of the major aspects of livestock management, in general, given their use in dairy and meat production. An optimal level of nutrition in the early life of animals facilitates their faster growth and early maturity. Infant calves should be carefully reared so that they attain about 70%-75% of mature body weight at puberty. Poor feeding could lead to a higher age of calves at first calving and an overall reduction in their life spans. These factors are expected to drive the adoption of liquid milk replacers in this segment.